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Location, Location, Location: Entrepreneurial Finance Meets Economic Geography

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  • Emanuel Shachmurove

    ()
    (Independent)

  • Yochanan Shachmurove

    ()
    (Department of Economics,The City College of the City University of New YorkAuthor-Name:)

Abstract

Economic Geography maintains that economic activities are not randomly distributed across space. This paper examines the impact of industrial and regional characteristics on venture capital activities in the United States from 1995 until 2009. The unique database allows for stratifications into seventeen industries within nineteen regions of the United States. This study affirms the significance of both Location and industry in venture capital investment. Both statistical and graphical methods are employed in order to better ascertain the dynamic nature of the data.

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File URL: http://economics.sas.upenn.edu/system/files/working-papers/10-030.pdf
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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 10-030.

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Length: 57 pages
Date of creation: 27 Aug 2010
Date of revision:
Handle: RePEc:pen:papers:10-030

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Keywords: Venture Capital; Economic Geography; Location; Biotechnology; Business Products and Services; Computers and Peripherals; Consumer Products and Services; Electronics and Instrumentation; Financial Services; Healthcare Services; Industrial and Energy; Information Technology Services; Media and Entertainment; Medical Devices and Equipment; Networking and Equipment; Retailing and Distribution; Semiconductors; Software; Telecommunications.;

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References

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  1. Paul Krugman, 1990. "Increasing Returns and Economic Geography," NBER Working Papers 3275, National Bureau of Economic Research, Inc.
  2. Head, Charles Keith & Mayer, Thierry, 2003. "The Empirics of Agglomeration and Trade," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3985, C.E.P.R. Discussion Papers.
  3. Masahisa Fujita & Paul Krugman, 2003. "The new economic geography: Past, present and the future," Economics of Governance, Springer, Springer, vol. 83(1), pages 139-164, October.
  4. Brakman,Steven & Garretsen,Harry & van Marrewijk,Charles, 2009. "The New Introduction to Geographical Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521698030.
  5. J. Peter Neary, 2000. "Of Hype and Hyperbolas - Introducing the new Economic Geography," Working Papers, School Of Economics, University College Dublin 200019, School Of Economics, University College Dublin.
  6. OTTAVIANO, Gianmarco & THISSE, Jacques-François, . "Agglomeration and economic geography," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1725, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Wang, Susheng & Zhou, Hailan, 2004. "Staged financing in venture capital: moral hazard and risks," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 131-155, January.
  8. Karen-Helene Midelfart & Henry G. Overman & Anthony J. Venables, 2003. "Monetary Union and the Economic Geography of Europe," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 41(5), pages 847-868, December.
  9. BEHRENS, Kristian, . "Market size and industry location: Traded vs non-traded goods," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1779, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Amir Shachmurove & Yochanan Shachmurove, 2004. "Annualized and Cumulative Returns on Venture-Backed Public Companies Categorized by Industry," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 9(3), pages 41-60, Fall.
  11. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, Elsevier, vol. 17(3), pages 362-380, June.
  12. Yochanan Shachmurove, 2009. "Entrepreneurship in Oman," PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 09-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  13. Krugman, Paul, 1998. "What's New about the New Economic Geography?," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 14(2), pages 7-17, Summer.
  14. Olga Alonso-Villar, 2005. "The effects of transport costs revisited," Journal of Economic Geography, Oxford University Press, Oxford University Press, vol. 5(5), pages 589-604, October.
  15. Shachmurove, Yochanan & Spiegel, Uriel, 1995. "On Nations' Size and Transportation Costs," Review of International Economics, Wiley Blackwell, Wiley Blackwell, vol. 3(2), pages 235-43, June.
  16. Venables, Anthony J, 1998. "The Assessment: Trade and Location," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 14(2), pages 1-6, Summer.
  17. Yochanan Shachmurove & Uriel Spiegel, 2005. "A Monopoly Reason Why Autarky Might Be Best For A Large Country," Manchester School, University of Manchester, University of Manchester, vol. 73(3), pages 269-280, 06.
  18. repec:spo:wpecon:info:hdl:2441/10191 is not listed on IDEAS
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